Chapter 8 Quiz

Question 1

Which type of agency is a fiduciary relationship?

Answer 1

Single agent

Question 2

Broker Rita accepts a single agent listing from Seller Bill who instructs Rita not to show his house to any prospective buyers before 9:00 a.m. One day, Rita has a potential buyer, but he wants to see the house at 8:00 a.m. because he is leaving town that morning. How should Rita handle this situation?

Answer 2

Rita should inform the buyer that she can’t show the house until 9:00 a.m.

Question 3

In order for agents working for the same broker to operate as designated sales associates, which of the following must apply:

Answer 3

The transaction must be non-residential - AND - The buyer and seller must have assets of one million dollars or more

Question 4

Seller Pam says “I want to sell my house.” Broker Roy says “I want to do that.” Does this constitute a fiduciary relationship?

Answer 4

No, since the specifics of single agency were not agreed to or discussed

Question 5

A property manager is an example of what type of agent?

Answer 5

General agent

Question 6

Which type of agency relationship has the duty of loyalty?

Answer 6

Single Agent

Question 7

When should the Single Agent Notice be provided to a prospective seller or buyer?

Answer 7

Prior to showing property or entering into a contract, whichever happens first

Question 8

Agency relationships can be terminated in all of the following ways except:

Answer 8

Bankruptcy of the agent - Can’t terminate

Can Terminate - Agent resignation, Mutual agreement, Death of principal or agent

Question 9

Which type of agency relationship has been repealed in Florida?

Answer 9

Dual agent

Question 10

Which type of disclosure form must be signed?

Answer 10

Consent to Transition to Transaction Broker